The tax office is once again perceived as the ‘bad cop’ on the beat and it’s the Albanese government that’s given it a mandate to go hard and recoup more than $50 billion in debt owed, most of it by small business. The message is clear: the honeymoon period — extended during the COVID-19 pandemic...
Tag: debt
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Perth home builder Nicheliving owes almost $4m to tax office
In short: A credit check has revealed that Perth home builder Nicheliving owes the tax office $3,813,837. A number of sub-contractors are also taking legal action against the troubled company for unpaid bills. What’s next? WA Premier Roger Cook said the situation with Nicheliving was “very concerning” and the government was taking a close interest...
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Millions of Australians facing financial difficulty, according to ASIC survey
In short: Millions of Australians are struggling to meet debt repayments due to the rising cost of living. An ASIC survey has found Australians facing financial hardship would prefer to sell their assets before they seek help from their lender. Lenders are legally required to offer assistance to customers struggling to meet their repayments. What’s...
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‘Think carefully before you sign’: Mia lost her family home after taking on a small business loan with $100,000 interest
Small business owner Mia Li breaks down in tears when she recalls losing her family home. She made the tough decision to sell her property to save her business that was on the brink of collapse because of mounting debts to the Australian Taxation Office (ATO) and suppliers. The debt was made worse after she...